How fast can I sell a house after purchasing it?

[Johnny Galvan]

Hello All,

I've been doing flipping for about 3 years now and always payed cash. I will be closing on a single family house soon which I received a loan from a 2nd tier finance company.    The mortgage officer who I question her input mentioned I have to wait 3 months before I can sell it?  Since its a conventional loan I will think I can sell it asap.   Is their a law or regulation or is it up to the finance company to decide?  The property is located in Chicago, IL.    Any input appreciated.

Thank you

[Wayne Brooks]

Two possibilities.....

1) the lender gets charged back most of the fees they generate by the actual purchaser of the loa, if it is paid off within a certain time....which means the lender/loan officer won’t make any money, so they try to discourage it

2) if your buyer is using fha financing, they can’t execute the purchase contract within 90 days of your purchase....fha won’t fund it

Also, as to the first scenario, it is unlikely that you would buy, renovate, market, get a contract and actually close your sale within 90 days.